Everyone has their own opinions on financing a car purchase but we'll leave you to discuss that in the ensuing thread. Here car finance is newsworthy because Tesla is offering a hire purchase scheme for private customers of the
Model S
. An EV on finance, and one that PH rather rates too. Interesting...
An appealing package becomes even more so?
The terms are simple: a 15 per cent deposit and payments from £820 a month depending on the length of the term (from four to six years is available). Tesla talks of an 'effective cost' of £645 a month given the savings the Model S offers compared to conventional cars. The interest rate is 5.9 per cent.
Moreover, Tesla is guaranteeing future values for the Model S. So the option is there after 37 months of the agreement to sell the car back to Tesla at 50 per cent of the list price plus 43 per cent of any specced extras. Options include the P85+ Performance Pack don't forget. There is no obligation to sell at this point though and the finance agreement can continue. Simple as that.
What may be harder is running a Tesla. Our road test threw up all manner of charging issues if there wasn't a parking space directly outside your house, and Tesla's Superchargers are only currently in Reading, London, Birmingham and Edinburgh (there are more on the way). Will there be more willing to find out with the car on a finance package?